The latest report by IMARC Group, titled “Veterinary Reference Laboratory Market Report by Technology (Clinical Chemistry, Hematology, Immunodiagnostics, Molecular Diagnostics, and Others), Application (Clinical Pathology, Toxicology, Productivity Testing, and Others), Animal Type (Livestock Animals, Companion Animals), and Region 2024-2032“, The global veterinary reference laboratory market size reached US$ 4.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 10.2 Billion by 2032, exhibiting a growth rate (CAGR) of 10.2% during 2024-2032.
Factors Affecting the Growth of Veterinary Reference Laboratory Industry:
- Significant Technological Advancements:
Technological advancements have revolutionized the veterinary reference laboratory market, enabling more accurate diagnostics, faster turnaround times, and enhanced testing capabilities. Key advancements such as next-generation sequencing (NGS), polymerase chain reaction (PCR) techniques, and advanced imaging modalities have significantly improved the ability to diagnose and treat a wide range of diseases in animals. NGS technology, for instance, allows for comprehensive genetic analysis, helping veterinarians identify genetic mutations, predispositions to certain diseases, and personalized treatment options for individual animals. PCR techniques have enabled rapid and sensitive detection of infectious agents, aiding in the prompt diagnosis of diseases such as parvovirus, feline leukemia, and canine distemper. Additionally, advanced imaging modalities, such as magnetic resonance imaging (MRI) and computed tomography (CT) scans offer detailed visualization of internal structures, aiding in the diagnosis of musculoskeletal disorders, neurological conditions, and various types of cancer in animals.
- Increasing Pet Ownership:
The rising trend of pet ownership worldwide has fueled demand for veterinary reference laboratory services. As more individuals consider pets as integral members of their families, they are increasingly willing to invest in their health and well-being. This growing pet humanization trend translates into greater demand for preventive care, diagnostic testing, and advanced treatments for companion animals. With the increasing adoption of pets, there is a higher incidence of age-related diseases, chronic conditions, and infectious diseases, necessitating regular veterinary consultations and diagnostic screenings. Veterinary reference laboratories play a crucial role in providing comprehensive diagnostic services to support veterinarians in accurately diagnosing and managing various health issues in pets. Moreover, the growing awareness about zoonotic diseases, which can be transmitted between animals and humans, highlights the importance of early detection and control measures, further driving the demand for veterinary diagnostic services.
- Growing Awareness about Animal Health:
Increased awareness about the importance of animal health and welfare among pet owners, veterinarians, and regulatory authorities has contributed to the expansion of the veterinary reference laboratory market. Pet owners are becoming more proactive in seeking preventive care and early detection of diseases in their pets, leading to greater utilization of veterinary diagnostic services. Veterinarians are also emphasizing the importance of regular health screenings, vaccinations, and parasite control to prevent disease outbreaks and ensure the overall well-being of animals under their care. As a result, there is a growing emphasis on the role of diagnostic laboratories in providing accurate and timely test results to facilitate prompt diagnosis and treatment decisions. Furthermore, regulatory agencies and industry organizations are implementing standards and guidelines to ensure the quality and reliability of veterinary diagnostic testing, driving the adoption of accredited reference laboratories by veterinarians and pet owners.
Competitive Landscape with Key Player:
- Boehringer Ingelheim GmbH
- IDEXX Laboratories Inc.
- Neogen Corporation
- Phoenix Central Laboratory for Veterinarians Inc. (Zoetis Inc.)
- ProtaTek International Inc. (Pharmgate LLC)
- Royal GD
- Texas A&M Veterinary Medical Diagnostic Laboratory
- VCA Inc. (Mars Incorporated)
- Virbac Animal Health India Private Limited
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/veterinary-reference-laboratory-market/requestsample
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Technology:
- Clinical Chemistry
- Hematology
- Immunodiagnostics
- ELISA
- Lateral Flow Rapid Tests
- Others
- Molecular Diagnostics
- PCR
- Microassays
- Others
- Others
Clinical chemistry dominates the market due to its essential role in providing a wide range of diagnostic tests for assessing organ function, metabolic disorders, and disease biomarkers in animals.
Breakup by Application:
- Clinical Pathology
- Toxicology
- Productivity Testing
- Others
Clinical pathology holds maximum number of shares due to its broad scope, encompassing various diagnostic tests for diseases such as infections, metabolic disorders, and organ dysfunction in animals.
Breakup by Animal Type:
- Livestock Animals
- Companion Animals
Livestock animals represent the largest segment due to the significant global demand for meat, dairy, and other livestock products, driving the need for extensive veterinary diagnostic and healthcare services within this sector.
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America’s dominance in the veterinary reference laboratory market is attributed to factors such as high pet ownership rates, advanced veterinary healthcare infrastructure, and increasing expenditure on pet healthcare services.
Global Veterinary Reference Laboratory Market Trends:
Regulatory support and compliance requirements play a crucial role in driving the veterinary reference laboratory market. Stringent regulations governing animal health, food safety, and disease control compel veterinary professionals and livestock producers to rely on accredited reference laboratories for accurate diagnostic testing and surveillance. Compliance with regulatory standards ensures the reliability and credibility of test results, driving the demand for veterinary reference laboratory services. Additionally, the expansion of specialty and exotic animal care practices has fueled the demand for specialized diagnostic services offered by veterinary reference laboratories. With the growing popularity of exotic pets and the increasing prevalence of specialized breeds, there is a need for advanced diagnostic testing tailored to the unique health requirements of these animals. Veterinary reference laboratories that specialize in exotic animal diagnostics, genetic testing, and specialized assays cater to the evolving needs of veterinarians and pet owners, driving market growth.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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